WOTTON-UNDER-EDGE TOWN TRUST Charity Number 203466
TRUSTEES ANNUAL REPORT FOR THE FINANCIAL YEAR ENDING 31[ST] MARCH 2023
Trustees
Wotton-under-Edge Town Council is the Trustee of Wotton-under-Edge Town Trust. The Town Council at 31[st] March 2023 was comprised of the following members:
Mr P Barton Ms S Hunt Mr D Thomas Mr R Claydon OBE Mr J Lewis Mr M Tucker (Chairman) Dr J Cordwell Mr T Luker Mr J Turner Mrs T Creese Mr N Pinnegar Ms T Young
Overview
The year 2022-2023 has seen a decrease in income of £27, 928 from the previous financial year, plus an increase of £22,275 in expenditure over the same period. The deficit for the year was £16,054 with end of year cumulative funds decreasing to £152,177. The Town Trust continues to be heavily subsidised by Wotton-under-Edge Town Council for the benefit of the community.
Expenditure
Significant variations are as follows:
| 31/3/2022 | 31/3/20 23 |
Difere nce |
Notes | |
|---|---|---|---|---|
| Town Council Administration Fee |
£7,000 | £8,750 | £1,750 | Contribution towards Town Trust administration costs. Last increased in 2017/18. |
| Town Hall Caretaking/Clea ning |
£5034 | £7760 | £2726 | Increased cleaning costs due to staf admittance to pension scheme; and contract cleaning of £1,080 to cover staf absence. |
| Town Hall Maintenance/Mis c. Expenses |
£962 | £9,447 | £8485 | Increase due to lift repairs £631; Fire safety works £4,282; Flooring refurbishment £2,996; electrical works£593 |
| Town Hall Utilities |
£3,368 | £4,386 | £1,018 | Due to delayed payment from Financial Year 2021/22 |
| Chipping Hall | £0 | £4,274 | £4274 | Fire safety works £2,794; Plumbing works £965; electrical testing £450; door lock £65 |
| Chipping Clubroom |
£1,352 | £2,520 | £1,168 | Fire safety work £1,030; plumbingwork £150 |
|---|---|---|---|---|
| Other Property Expenses |
£668 | £1343 | £675 | Heritage Centre fre safetywork £1,248 |
| Insurance | £2,736 | £3,432 | £696 | Buildings survey resulted in valuationsincrease |
| Miscellaneous Payments |
£2,619 | £3,237 | £618 | Buildings Valuations £2,950 |
Major expenses continue to be insurance, administration, cleaning and utilities. The increases in fire safety and plumbing works were as a result of fire safety and legionella audits.
Income
Significant variations are as follows:
| 31/3/2 2 |
31/3/ 23 |
Difere nce |
Notes | |
|---|---|---|---|---|
| Town Hall Lettings |
£19,446 | £10,8 60 |
-£8,586 | £12,168 COVID Leisure grants received in 2022, which were standard sums issued to all eligible businesses. The grants ceased after COVID restrictions ended but the diference is partially ofset by hire fees following re-opening of building afterCOVID lockdown. |
| Chipping Clubroom Lettings |
£12, 970 |
£2,33 5 |
-£10, 635 |
£12,168 COVID Leisure grants received in 2022, which were standard sums issued to all eligible businesses. The grants ceased after COVID restrictions ended but diference partially ofset by hire fees following re-opening of building after COVID lockdown. |
| Interest received |
£1 | £751 | £750 | Increase in interest rates |
| Unrealised Proft on Investments |
£8,449 | £0 | -£1,156 | Values down £1156 on 2022 fgures due to fuctuations in the investments market, particularly due to Coronavirus pandemic |
| Miscellaneous Income |
£1,026 | £0 | -£1,026 | Refunds received in 2022, not repeated in 2023 |
Points to Note
Some of the operating expenses of the Youth Centre building are paid by Wottonunder-Edge Town Council for its use as a Youth Centre.
The donation of £4700 from Wotton-under-Edge Town Council is to compensate the Trust for loss of rent income following:
(i) closure of the Police Station (£3500);
(ii) economy measures at Stroud District Council resulting in their decision to only continue to run the Chipping Car Park if it was on an expenses only basis, without any underlying rent costs (£1200).
The Town Council continues to pay £2000 per annum to the Town Trust to rebuild the Permanent Endowment used to fund the refurbishment of the Town Hall, as required by the Charities Commission.
Summary
Wotton-under-Edge Town Trust continues to meet its remit of providing buildings for the enjoyment of the people of the town. All of its buildings, with the exception of the Town Hall front elevation and gables where some repair works have become necessary, are in reasonable order and are well-used by a wide cross-section of the public for a variety of recreational purposes. Two of the buildings are listed and maintenance costs can be high when work is required, therefore subsidy from the Town Council continues to be necessary. Preparations for the repairs to the Town Hall have been delayed due to the unfortunate loss of the project manager. Efforts are ongoing to progress the project as soon as possible. The costs for this will be met by Wotton-under-Edge Town Council.
Signed: …………………………………………………. Chairman of the Trustees Dated:
Wotton-under-Edge Town Trust
Registered charity number 203466 Income and Expenditure Account for the Year Ended 31st March 2023
| Income Town Hall Lettings Chipping Hall Rent Chipping Clubroom Lettings Other Lettings Interest Received Income from Other Investments Donation by Wotton Town Council Unrealised Profts on Investment Assets Wayleaves Grants/Donations Miscellaneous Income Expenditure Town Council Administration Fee Town Hall Caretaking/Cleaning Town Hall Maintenance/Misc Expenses Town Hall Utilities Town Hall PRS Licence Youth Centre Chipping Hall Chipping Clubroom Other Property Expenses Insurance Grants Audit Fees/Bank Charges Charity Commission Miscellaneous Payments Unrealised Loss on Investment Assets Surplus/Defcit for the year Cumulative Funds B/Fwd Cumulative Funds C/Fwd |
3/31/2022 £19,445.98 £9,000.00 £12,970.00 £2,356.00 £0.62 £626.10 £6,700.00 £8,449.34 £300.00 £0.00 £1,025.58 £60,873.62 £7,000.00 £5,034.07 £961.70 £3,367.86 £79.86 £2,255.93 £0.00 £1,352.00 £668.48 £2,735.50 £100.00 £298.00 £251.80 £2,619.00 £0.00 £26,724.20 £34,149.42 £134,082.26 £168,231.68 £168,231.68 |
3/31/2023 £10,860.15_Note 1_ £9,000.00 £2,334.50_note 2_ £2,356.00 £751.28_note 3_ £638.63 £6,700.00 0_Note 4_ £304.60 £0.00 £0.00_note 5_ £32,945.16 £8,750.00_note 6_ £7,759.56_note 7_ £9,446.92_note 8_ £4,385.93_note 9_ £58.00 £2,006.76 £4,273.59_note 10_ £2,519.79_note 11_ £1,343.14_note 12_ £3,432.13_note 13_ £100.00 £279_note 14_ £251.80 £3,236.50_note 15_ £1,156.25_note 4_ £48,999.37 -£16,054.21 £168,231.68 £152,177.47 ### |
|---|---|---|
| Signed: Chairman Responsible |
Financial Ofcer |
Wotton-under-Edge Town Trust
Registered charity number 203466 Balance Sheet as at 31st March 2023
| Investments Investments at Valuation Current Assets Unity Trust Current Account Unity Trust Instant Access Account Debtors (VAT recoverable) Total Assets Current Liabilities Creditors Net Assets Represented by: Accumulated Fund brought forward Surplus/Defcit for the year |
3/31/2022 £84,237.12 £8,344.58 £75,000.62 £856.36 £84,201.56 £168,438.68 £207.00 £168,231.68 £134,082.26 £34,149.42 £168,231.68 |
3/31/2023 £83,080.87 £1,988.07 £65,751.90 £1,563.63 £69,303.60 ### £207.00 ### £168,231.68 -£16,054.21 ### |
|---|---|---|
| Approved by Wotton-under-Edge Town Trust: Signed: Chairman Responsible Date: |
Financial Ofcer |
Wotton-under-Edge Town Trust
Registered charity number 203466
Notes to the Accounts
Investments
The Charities Official Investment Fund (COIF) advised the Town Trust that its investments had the following values at 31st March 2023:
| Income Shares Accumulation Shares Accumulation Shares C G Peglar Fund Note 1 Town Hall Lettings COVID Grants Received Lettings Fees Note 2 Chipping Clubroom Lettings COVID grants received Lettings Fees Note 3 Interest Note 4 Unrealised Loss on Investment Assets Note 5 Miscellaneous Income Ecotricity Refund Banking Note 6 Town Council Administration Fee Note 7 Town Hall Caretaking/Cleaning Cleaning Supplies Regular Cleaning Extra contract cleaning |
Units 1121.21 18.7366 £21,007.66 £21,833.88 184.71 229.1711 £42,330.19 £42,507.03 81.98 229.1711 £18,787.45 £18,903.06 51 18.7366 £955.57 £993.15 ### £84,237.12 2021/22 2022/23 £12,168.00 £0 £7,277.98 £10,860.15_Usage now increasing following COVID lockdowns_ £19,445.98 £10,860.15 2021/22 2022/23 £12,168.00 £0 £802.00 £2,334.50_Usage now increasing following COVID lockdowns_ £12,970.00 £2,334.50 2021/22 2022/23 £0.62 £751.28_Increase in interest rates_ Loss of £1156.25 on value of investments compared to 31/3/2022 due to fuctuations in interest rates 2021/22 2022/23 £25.58_Town Hall_ £0 £1,000.00_Bank error reimb_ £0 £1,025.58 £0 Increase agreed by Town Trust 2021/22 2022/23 £177.63 £221.27 £4,856.44 £6,458.29_22/23 TUPE staf backdated admittance to pension scheme_ £0.00 £1,080.00_To cover staf absence_ £5,034.07 £7,759.56 Value per unit (£) Total Value at 31/3/2023 Total Value at 31/3/2022 |
|---|---|
| Note 8 Town Hall Maintenance/Misc Expenses Lift Maintenance Plumbing Supplies/Other Boiler Maintenance Fire Systems Maintenance Fire Curtain Maintenance Refurb/Repairs to fooring Electrical Works Purchase of new freezer Refunds Note 9 Town Hall Utilities Electricity Gas Water/Sewerage Note 10 Chipping Hall Fire Safety Services Plumbing Works Electrical testing Door lock Note 11 Chipping Clubroom Cleaning Utilities Fire Systems Maintenance Sundries Plumbing Works Note 12 Other Properties Expenses Heritage Centre Heritage Centre Note 13 Insurance |
2021/22 £214.60 £165.80 £125.00 £166.30 £190.00 £0.00 £0.00 £0.00 £100.00 £961.70 2021/22 £1,119.71 £1,854.12 £394.03 £3,367.86 2021/22 £0.00 £0.00 £0.00 £0.00 £0.00 2021/22 £858.56 £420.20 £20.00 £53.24 £0.00 £1,352.00 2021/22 £0.00 £668.48 £668.48 Sums insured increased fol |
2022/23 £861.19_22/23 repairs needed_ £289.23 £135.00 £1,561.39_Works following fre safety audit_ £2,721.00 £2,996.26 £593.10 £181.75 £108.00 £9,446.92 2022/23 £2,336.93_22/23 includes delayed 21/22 payments_ £1,035.59 £1,013.41_Increase in usage following COVID restrictions_ £4,385.93 2022/23 £2,793.80_Works following fre safety audit_ £964.99_Works following Legionella audit_ £450.00 £64.80 £4,273.59 2022/23 £865.68 £335.05 £1,030.48_Works following fre safety audit_ £138.38 £150.20_Works following Legionella audit_ £2,519.79 2022/23 £94.68_Fire signs, lock, fue outlet cover_ £1,248.46_Fire safety works_ £1,343.14 lowing building valuations |
|---|---|---|
Sums insured increased following building valuations
| Note 14 | ||
|---|---|---|
| Audit Fees/Bank Charges | ||
| Creditors from Financial Year 2021/22 | ||
| Audit Accrual | £207.00 | |
| Deduction from Audit Figure | £207.00 | |
| Creditors from Financial Year 2022/23 | ||
| Audit Accrual | £207.00 | |
| Addition to Audit Figure | £207.00 |
| Note 15 Miscellaneous Payments Buildings Valuations Plaque for The Clump Health & Safety Contract Deposit to open Unity Trust accounts |
2021/22 £0.00 £0.00 £1,619.00 £1,000.00_Refunded_ £2,619.00 |
2022/23 £2,950.00 £286.50 £0.00 £0.00 |
|---|---|---|
| £3,236.50 |
Earmarked Funds
To Benefit the Elderly
£544.00 From Chipping Clubroom Trust Funds
Andrea Durn Clerk to the Council Wotton Town Council Civic Centre 2 Gloucester Street Wotton-under-Edge Gloucestershire GL12 7DN
1[st] June 2023
Wotton Town Trust Independent Internal Audit 2022/23
Dear Andrea,
Further to my site visit on 30[th] May 2023, may I first of all express my thanks to yourself and Yasmin for the organised provision of the necessary records and documents to assist with the audit of the Town Trust for 2022-2023.
My review of the accounts and records revealed consistency with prior year’s compliance, and I’m satisfied that they give a true and fair view of the transactions for the financial year and the Town Council is meeting its duties as Trustees in this respect.
My only comments are those of an analytical nature in that the movement from a previous Surplus to a Deficit for the year compared to 2021-2022 can be summarised on the following page, accompanying notes for which are below:
-
(1) – Covid Grants amounting to £24,336 included in 2021-22
-
(2) - Additional costs incurred arising from Fire Safety and Legionella Audits
Continued……
Your Finance Dept.Biz Limited (Reg. No. 07858004) 9 Court Orchard, Wotton-under-Edge, Gloucestershire GL12 7JB Tel: 0333 1236321 , E mail: steve@iamyourfinancedirector.co.uk, Twitter: @yourfinancedept www.iamyourfinancedirector.co.uk
Continued……
Summary of significant movements in Income and Expenditure 2022-23
| **£’000’s ** | |
|---|---|
| Reduced Town Hall Lettings (1) | 8.6 |
| ReducedChipping Clubroom lettings(1) | 10.6 |
| Town Council Admin Fee | 1.8 |
| Town Hall Caretaking / Cleaning | 2.7 |
| Town Hall Maintenance (2) | 8.5 |
| Town Hall Utilities | 1.0 |
| Chipping Hall (2) | 4.3 |
| Chipping Clubroom (2) | 1.2 |
| Other net differences | 1.9 |
| Reduction of Operational Surplus | 40.6 |
| Unrealised Investments revaluation | 9.6 |
| Reduction of Surplus for the year | 50.2 |
Yours sincerely
S A Tasker FCMA / CGMA
Your Finance Dept.Biz Limited (Reg. No. 07858004) 9 Court Orchard, Wotton-under-Edge, Gloucestershire GL12 7JB
Tel: 0333 1236321 , E mail: steve@iamyourfinancedirector.co.uk, Twitter: @yourfinancedept www.iamyourfinancedirector.co.uk